The Most Important Thing By Howard Marks

对于有思想的投资者来说，这是一种罕见的意识

This most important thing is second level thinking. You have to think beyond the obvious (first level thinking). The first level thinker sees favorable circumstances and decides to buy. The second level thinker sees that the investment is over hyped and too expensive to provide a margin of safety.

The first level thinker sees unfavorable circumstances and decides to sell. The second level thinker sees that investors have panicked and driven the price to bargain levels and buys.